Monday 14 May 2018
Last update on Monday, May 14, 2018 At 8:42 AM
The multinational company Siemens has invested 6 billion euros into 3 nuclear power plants. They aims to bring energy to the new administrative capital 45km away from East Cairo.
The reelected president Abdel Fattah Al Sissi himself will inaugurate in a month one of the biggest nuclear projects in the Egyptian Energy history. Siemens has invested so far 6 billion euros into the project located in Beni Suef, Brunu and in the new capital.
14 400 MW are already produced thanks to the 3 nuclear plants. 97% of the production is related to the Egyptian electric network.
The EEHC (Egyptian Electricity Holding Company) will ensure the smooth running of the electrical network. Concerning the benefits, they will be handed back to Siemens which has contracted several loans to banks as KfW, the HSBC and the Deutsche Bank for a total amount of 4,1 billion euros.
Arab banks completed the rest of the funding with local companies including Egyptian SMEs as project stakeholders.
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